<PAGE>   1

      EXHIBIT 12.1 -- COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

      (DOLLARS IN MILLIONS, EXCEPT RATIO OF EARNINGS TO FIXED CHARGES)


<TABLE>
<CAPTION>

                                                                        Six Months Ended,
                                                                    --------------------------
                                                                     7/3/99         6/27/98
                                                                    ----------     -----------
<S>                                                               <C>             <C>
Income before provision for national income taxes,
  minority interests in net income (loss) of subsidiaries,
  equity (income) loss of affiliates, and extraordinary items          $209.5          $187.5
Fixed charges                                                           103.5            58.7
Distributed income of affiliates                                            -               -
                                                                    ----------     -----------
    Earnings                                                          $ 313.0         $ 246.2
                                                                    ==========     ===========


Interest expense                                                       $ 90.3          $ 50.2
Portion of lease expense representative of interest                      13.2             8.5
                                                                    ----------     -----------
     Fixed Charges                                                     $103.5          $ 58.7
                                                                    ==========     ===========

     Ratio of Earnings to Fixed Charges                                   3.0             4.2

     Fixed Charges in Excess of Earnings                                    -               -

</TABLE>

<TABLE>
<CAPTION>
                                                                                     Year Ended December 31,
                                                                -------------------------------------------------------------------
                                                                  1998           1997          1996          1995          1994
                                                                ----------    -----------   -----------   -----------   -----------
<S>                                                             <C>           <C>           <C>           <C>           <C>
Income before provision for national income taxes,
  minority interests in net income (loss) of subsidiaries,
  equity (income) loss of affiliates, and extraordinary items     $ 214.8        $ 345.8       $ 253.4       $ 152.9       $ 114.6
Fixed charges                                                       130.7          113.6         112.7          82.6          52.2
Distributed income of affiliates                                      2.3            3.9           3.0           1.3           0.9
                                                                ----------    -----------   -----------   -----------   -----------
    Earnings                                                      $ 347.8        $ 463.3       $ 369.1       $ 236.8       $ 167.7
                                                                ==========    ===========   ===========   ===========   ===========

Interest expense                                                  $ 110.5        $ 101.0       $ 102.8        $ 75.5        $ 46.7
Portion of lease expense representative of interest                  20.2           12.6           9.9           7.1           5.5
                                                                ----------    -----------   -----------   -----------   -----------
     Fixed Charges                                                $ 130.7        $ 113.6       $ 112.7        $ 82.6        $ 52.2
                                                                ==========    ===========   ===========   ===========   ===========

     Ratio of Earnings to Fixed Charges                               2.7            4.1           3.3           2.9           3.2

     Fixed Charges in Excess of Earnings                                -              -             -             -             -
</TABLE>